MLR – PMP 12-17-14

By | December 17, 2014

Scalper1 News

Major averages fell yesterday on higher volume wiping out earlier gains as both the NASDAQ and the S&P 500 have now dropped below their 50-day moving averages. Headwinds from Russia, China, and oil are making what is usually a relatively peaceful month quite turbulent. The federal reserve’s Yellen will be making a statement today and what it could mean for interest rates. Odds are she will do her best to sooth ailing markets which could bounce from currently oversold conditions. Expectations are that the Fed will confirm interest rate increases for next year, but with so many global cross-currents with the potential to “upset the cart” in the near-term, the Fed could soft pedal their language regarding future interest rate increases. We expect that today’s announcement will have a significant effect on where the market goes from here. Chinese online retail mobile “megacorp.” Alibaba (BABA) had a pocket pivot yesterday off the 50-day moving average. Sales are accelerating, pretax margin 54.3%, ROE 112.1%, group rank 48. Members should remember that we issue pocket pivot and other reports on the basis of an objective, identifiable technical condition (in this case a pocket pivot) that may or may not be actionable depending on the general market context. Leading stocks flashing pocket pivots during a market correction may not necessarily be actionable but do provide investors with a clue as to where the stronger stocks might lie, such that if the general market finds its feet and turns back to the upside a stock that had issued a pocket pivot a few days before may then become actionable. We do not provide hard buy or sell recommendations on individual stocks, only reports that identify an objective technical condition that may or may not be actionable depending on market context. Short-sale target Tesla Motors (TSLA) dipped below its prior199.25 “minor” low in its chart, which can be viewed as a short-term cover point if the general market is able to recover here, but otherwise we maintain our longer-tem downside price target at 177-178. Short-sale target Workday (WDAY) has continued to move lower and is approaching our 77 near-term downside price target. Scalper1 News

Scalper1 News